This new guidance, which was released on March 10, 2022, clarifies the reporting requirements where multiple FIs maintain the same financial account, among other important changes.

FIs should update their existing FATCA/CRS policies and procedures in accordance with this new guidance. In addition, FIs should document their existing policies and procedures, along with any supporting technical positions, including references to superseded versions of the guidance to prepare for a possible CRA audit. 

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